Laurel Road Releases Credit Card With the Reward Millennials Really Want: Cash Back to Pay Student Loans

BRIDGEPORT, Conn., June 2, 2021 (Newswire.com) - Credit cardholders should be rewarded for sticking to their financial priorities — that's the idea behind Laurel Road's new Student Loan Cashback℠ credit card, which offers 2% cash back when applied to a student loan balance with an eligible servicer, not just Laurel Road student loans. Alternatively, the card offers unlimited 1% cash back on eligible purchases.

For many Americans, their top financial concern isn't next year's vacation or a down payment. It's repaying their student loan debt, which nearly 30% of U.S. adults between 30 and 39 are still tackling. The past year has paused mandatory student loan payments for most borrowers due to the COVID-19 pandemic, providing some much-needed relief to those most impacted by the pandemic. However, the temporary pause in payments doesn't stop debt from being top of mind, and borrowers who have been lucky enough to remain financially secure through the crisis may be ready to jump-start their repayments.

Laurel Road's new Student Loan Cashback^sm card offers benefits that align credit card rewards with supporting student loan repayment. In connection with this launch, for a limited time, cardholders can receive a $500 student loan cashback bonus or a $250 statement credit after spending $5,000 within the first 90 days of opening a new card.

So many credit card rewards programs reward users with miles, points or store credit. Laurel Road wanted to design a card with a more aspirational benefit: a card that will help any card holder with their student loan debt.

Key card features and benefits:

• 2% student loan cash back with eligible servicers or 1% cashback statement credit
• Limited time offer: $500 student loan cashback bonus or a $250 statement credit after spending $5,000 within 90 days of opening a new card
• $0 annual fee
• 0% foreign transaction fee

Laurel Road is a brand of KeyBank N.A. Member FDIC.

Source: Laurel Road